Of note, some of these savings were temporarily offset by expected inefficiencies as the final volumes from that plant were transitioned to other sites.

of note some of these savings were temporarily offset by expected inefficiencies as the final volumes from that plant were transitioned to other sites


And we continue to invest in the business over the period in terms of marketing, product and talent, positioning ourselves very well for further growth going forward.

and we continued to invest in the business over the period in terms of marketing product and talent positioning ourselves very well for further growth going forward


of your portfolio. So you take, for example, ice cream as one, we were very much in the bulk segment in retail, and we've really worked hard over the last 4 or 5 years

of your portfolio so you take for example ice cream as one we were very much in the bulk segment in retail and we've really worked hard over the last 4 or 5 years


Thanks for your questions, and thank you as well for your support. We recognize that getting behind this company takes investors who are willing to take a long-term perspective, and we know that's not easy. So we really appreciate you,

thanks for your questions and thank you as well for your support we recognize that getting behind this company takes investors who are willing to take a long-term perspective and we know that's not easy so we really appreciate you


combined with the right vision and a culture with a relentless focus on client service, integrity, and management rigor and discipline, will make this company the best it has ever been.

combined with the right vision and a culture with a relentless focus on client service integrity and management rigor and discipline will make this company the best it has ever been


Overall, we had a mixed performance during the third quarter. Although we achieved strong growth on the top line, our growth in adjusted EBITDA was more modest as we continued to experience margin pressures

overall we had a mixed performance during the third quarter although we achieved strong growth on the top line our growth in adjusted ebitda was more modest as we continued to experience margin pressures


We are very proud to announce this new initiative and join with many others to push forward these policy changes that could make a meaningful difference in the lives of millions if enacted.

we are very proud to announce this new initiative and join with many others to push forward these policy changes that could make a meaningful difference in the lives of millions if enacted


Four, we're proud to deliver a third place experience that inspires and fosters human connection that is relevant to the Chinese consumer aspirations.

four we're proud to deliver a third place experience that inspires and fosters human connection that is relevant to the chinese consumer aspirations


We have also started early research or consumer research on Pioneer products that we believe are relevant for the local market, in particular around the breakfast category.

we have also started early research or consumer research on pioneer products that we believe are relevant for the local market in particular around the breakfast category


We know that we can only deliver on our strategies if we attract and retain more than our fair share of great talent everywhere we operate. The talent marketplace is changing and we have to change with it.

we know that we can only deliver on our strategies if we attract and retain more than our fair share of great talent everywhere we operate the talent marketplace is changing and we have to change with it


As expected, our group segment was challenged this quarter, largely driven by the lack of citywide activity and Easter shifting to March.

as expected our group segment was challenged this quarter largely driven by the lack of citywide activity and easter shifting to march


We are also grateful to our customers for believing in National MI and our shareholders and business partners for supporting us since our founding.

we are also grateful to our customers for believing in national mi and our shareholders and business partners for supporting us since our founding


maturing and evolving rapidly and really nicely. And when we were first exploring the Alexion and Lilly collaborations in early talks with those companies,

maturing and evolving rapidly and really nicely and when we were first exploring the alexion and lilly collaborations and early talks with those companies


I point out these comparisons for 2 years ago not to just search for a silver lining, but to show how the Titan team has done a good job battling these market conditions. And again, it takes a team of people working hard

i point out these comparisons from 2 years ago not to just search for a silver lining but to show how the titan team has done a good job battling these market conditions and again it takes a team of people working hard


That was largely related to the 90 basis point impact of our strategic actions to improve revenue mix as well as the price elasticity we experienced earlier in the year.

that was largely related to the 90 basis point impact of our strategic actions to improve revenue mix as well as the pricing elasticity we experienced earlier in the year


The first quarter saw overall improvement in prices and margins for propylene and ethylene. These results were offset by lower production volumes primarily due to an unexpected failure

the first quarter saw overall improvement in prices and margins for propylene and ethylene these results were offset by lower production volumes primarily due to an unexpected failure


We expect to hear sometime in the short-to-medium term about the results, but we are optimistic given the competitive bid that we submitted and the track record that we have in providing

we expect to hear sometime in the short to medium term about the results but we are optimistic given the competitive bid that we submitted and the track record that we have in providing


As for the first quarter, we are pleased to report that programs put in place to improve revenue trends are beginning to show positive results.

as for the first quarter we are pleased to report that programs put in place to improve revenue trends are beginning to show positive results


sporting events and about 30 of our markets that open up a new revenue stream, and we see a much different client that gets engaged in that business as well.

sporting events in about 30 of our markets that open up a new revenue stream and we see a much different client that gets engaged in that business as well


Right. You used to give us a number of accounts and then it seemed like it sort of flatlined a little bit. But given some of these recent initiatives, it would seem like that could have accelerated

right i know you used to give us a number of accounts and then it seemed like it's sort of flatlined a little bit but given some of these recent initiatives it would seem like that could have accelerated


is being sold at prices with a slight premium to Brent. The balance comes from Canada, just under 40%. And we did see improvement in our oil prices in absolute terms

is being sold at prices with a slight premium to brent the balance comes from canada just under 40% and we did see improvement in oil prices in absolute terms


I'll begin in a usual fashion by taking you through the operations update and then Christophe will run through the second quarter numbers and then at the end of both presentations,

i'll begin in the usual fashion by taking you through the operations update and then christophe will run through the second quarter numbers and then at the end of both presentations


Obviously, when you're thinking about how much of your expandable income you're going to spend on CE, we are quite thoughtful about that share of wallet question, particularly over the holidays when people often go in with a budget and

obviously when you're thinking about how much of your expendable income you're going to spend on ce we are quite thoughtful about that share of wallet question particularly over the holidays when people often go in with a budget and


our EBITDA and cash flows are concentrated in Q4. Based on this and with a focus to pay down short-term debt in Q4, we expect to be back within our target range by the end of the year.

our ebitda and cash flows are concentrated in q4 based on this and with a focus to pay down short-term debt in q4 we expect to be back within our target range by the end of the year


We were very pleased to see that the combination showed favorable tolerability and safety across all dose levels without any evidence of increased autoimmunity or inappropriate immune activation.

we were very pleased to see that the combination showed favorable tolerability and safety across all dose levels without any evidence of increased autoimmunity or inappropriate immune activation


Our largest customers continue to buy new trucks and invest in their natural gas operation and we continue to gain new customers across our markets of transit, refuse and trucking.

our large -- our largest customers continue to buy new trucks and invest in their natural gas operation and we continue to gain new customers across our markets of transit refuse and trucking


But if we were going to look at some of the core products, liquid hydrogen, helium, argon, our growth rates are substantially higher in those areas, and I think that's particularly important to us.

but if we were going to look at some of the core products liquid hydrogen helium argon our growth rates are substantially higher in those areas and i think that's particularly important to us


We are about carefully evaluating the risk of investment -- investing and making sure we have good returns for our shareholders.

we are about carefully evaluating the risk of investment -- investing and making sure we have good returns for our shareholders


the timing on the cracker. One of the things we wanted to make sure, that there were some daylight in between when this Gulf Coast cracker project one came up and when we would do the second one.

the timing on the cracker one of the things we wanted to make sure that there were some daylight in between when this gulf coast cracker project one came up and when we would do the second one


It's important to note that while we've been able to move fast on our streamlining efforts, it's been far from easy. We've seen short-term effects in our international results, largely due to the magnitude of change.

it's important to note that while we've been able to move fast on our streamlining efforts it's been far from easy we've seen short-term effects on our international results largely due to the magnitude of change


And now we're in the stage where we're building up hardware so that deliveries will start to accelerate in the second half on those big projects, which include some of the drag projects we discussed with respect to margin.

and now we're in the stage where we're building up hardware so that deliveries will start to accelerate in the second half on those big projects which include some of the drag projects we discussed with respect to margin


I think, Jennifer what you are referring to about the duration increasing more than the nominal is because if you remember, we first went to the natural position in nominal first,

i think jennifer what you are referring to about the duration increasing more than the nominal is because if you remember we first went to the natural position in nominal size


As with all new regulatory measures, this will require some adjustment for Tinkoff, but given the nature of our business and the small loan sizes we offer on credit cards, we don't expect this to have a major impact.

as with all new regulatory measures this will require some adjustment for tincap but given the nature of our business and the small loan sizes we offer on credit cards we don't expect this to have a major impact


so we feel pretty good about the economic backdrop. Now having said that, it has not started that well off for the calendar year, as you've probably heard in the industry.

so i feel pretty good about the economic backdrop now having said that it has not started that well off for the calendar year as you've probably heard in the industry


we don't plan on drilling full density down there yet until we finish building out the upsized midstream that's going to be required. But we will have more well results towards the end of this year and the beginning of next year.

we don't plan on drilling full density down there yet until we finish building out the upsize midstream that's going to be required but we will have more well results towards the end of this year and beginning of next year


In fact, we were able to open Heavenly and Northstar earlier than originally planned given the strong conditions and have enjoyed welcoming our guests to experience the great conditions and terrain in Tahoe.

in fact we were able to open heavenly and northstar earlier than originally planned given the strong conditions and have enjoyed welcoming our guests to experience the great conditions and terrain in tahoe


We also realized expense leverage in supplies stemming from continued supply chain initiatives, including patient pharma and medical supplies.

we also realized expense leverage in supplies stemming from continued supply chain initiatives including patient pharma and medical supplies


We are also seeing the start of new investment programs in countries like Mexico, Angola, Indonesia and China, where total production has already been in noticeable decline for several years

we are also seeing the start of new investment programs in countries like mexico angola indonesia and china where total production has already been in noticeable decline for several years


which is a substantial platform, when you plank it toward this space. That's a part of this cloud, right? These things we don't have to build new. We will leverage the fact that we've got

which is a substantial platform when you point it toward this space that's a part of this cloud right these things we don't have to build new we will leverage the fact that we've got


Also, there remains a significant opportunity to further improve overall performance within our aviation and truck equipment business to make it a positive contributor to segment performance.

also there remains a significant opportunity to further improve overall performance within our aviation and truck equipment business to make it a positive contributor to segment performance


as it relates to sort of the margins in the segment earnings, I know you said it was consistent with what you were looking for, but a little bit steeper than, I guess, what we had expected or I had at least expected from the outside.

as it relates to sort of the margins in the segment and earnings i know you said it was consistent with what you were looking for but a little bit steeper than i guess what we had expected or i had at least expected from the outside


We continue to progress a project we call Connect New York. This is an underground DC line essentially from Utica through the congestion points

we continue to progress a project we call connect new york this is an underground dc line essentially from utica through the congestion points


that our natural strengths are ready to go if this market does evolve as we hope it does. So I guess just to finish on a strong note that beyond 2020, there is

that our natural strengths are ready to go if this market does evolve as we hope it does so i guess just to finish on a strong note that beyond 2020 there is


what we are deliberately doing is making sure that we hedge against both sides of the equation. So where we have been actively doing development work into the narrowbody side of the business

what we are deliberately doing is making sure that we hedge against both sides of the equation so we're -- we have been actively doing development work into the narrowbody side of the business


there are a couple of chemotherapeutic drugs that are in common usage in animals that they have developed, and we're in the process of getting them approved. Our Spanish company

there are a couple of chemotherapy drugs that are in common usage in animals that they have developed and we're in the process of getting them approved our spanish company


there should be a fair amount of mom -- whether it's a mom-and-pops or whoever it is, who are currently in a lot of trouble that may not make it to '19. Do you think that's a fair statement?

there should be a fair amount of -- whether it's mom and pops or whoever it is who are currently in a lot of trouble that may not make it to '19 do you think that's a fair statement


we think we're just in a little bit of a high level on some construction projects. And then it'll start to get back to a normal level. Okay. Generally big picture, that you feel good about

we think we're just in a little bit of a high level on some construction projects and then it'll start to get back to a normal level okay okay generally big picture though you feel good about


Ravi, we definitely believe that blockchain represents a significant opportunity in the custodial control and chain of control for supply chain shipments. We were

robbie we definitely believe that blockchain represents a significant opportunity in the custodial control and chain of control for supply chain shipments we were


and what that overall impact is. So that's really it. It's really just how we think about the business. And the other thing I would highlight for you is

and what that overall impact is so that's really it it's really just how we think about the business and the other thing i would highlight for you is


do you think might be dependent on an extension of the PTC? And what are your current thoughts on whether that will occur and the impact that, that would have on your business for next year?

do you think might be dependent on an extension of the ptc and what are your current thoughts on whether that will occur and the impact that that would have on your business for next year


I think it's important to say that Klabin has been increasing strategically the safety strategy. Think about -- security,

i think it's important to say that klabin has been increasing strategically the safety strategy think about security


So the phones are practically never obsolete. We do have features that are added from time to time in the phone, but it's all done with firmware. So

so the phones are practically never obsolete we do have features that are added from time to time in the phone but it's all done with firmware so


we have provided supplemental non-IFRS financial information. For understanding of the differences between the two, please see the reconciliation tables included in our press release.

we have provided supplemental non-ifrs financial information for an understanding of the differences between the 2 please see the reconciliation tables included in our press release


the fact that the quarter, on the top line, could have been better selling in the past would we have focused only on that, and we are preparing the future from that standpoint, as it

the fact that the quarter on the top line could have been better selling the past would we have focused only on that and we are preparing the future from that standpoint as


With a business model that provides outstanding free cash flow generation, the commencement of a quarterly dividend, the benefit of our significant NOLs to shield future earnings,

with a business model that provides outstanding free cash flow generation the commencement of a quarterly dividend the benefit of our significant nols to shield future earnings


what I've outlined is, obviously, a number of steps, a great deal of work, but I have full confidence in the team that we have in place that this is the right team

what i've outlined is obviously a number of steps a great deal of work but i have full confidence in the team that we have in place that this is the right team


And third, the ability to access the capital markets by opportunistically tapping debt for low-cost acquisition financing, refinancings and distributions.

and third the ability to access the capital markets by opportunistically tapping debt for low-cost acquisition financing refinancings and distributions


Third, we are focusing our capital investment over the next 12 months on remodeling approximately 30 stores to support our product presentation strategy.

third we are focusing our capital investment over the next 12 months on remodeling approximately 30 stores to support our product presentation strategy


I'd like to add my thanks to our colleagues around the globe for all their efforts during 2016. As we take a step back and consider the progress we've made in just 12 months,

i'd like to add my thanks to our colleagues around the globe for all their efforts during 2016 as we take a step back and consider the progress we've made in just 12 months


We expect the full year return on capital spread to be negative 20 basis points. I'll turn now to Page 7 and discuss some key trends that we saw in the business segments during the quarter.

we expect the full year return on capital spread to be negative 20 basis points i'll turn now to page 7 and discuss some key trends that we saw in the business segments during the quarter


passing 2 million shifts without a fatality, TauTona marked more than a year without a fatality, which I'm happy to say is a feat that a number of our operations now can also claim.

passing 2 million shifts without a fatality taotona marked more than a year without a fatality which i'm happy to say is a feat that number of our operations now can also claim


Good morning. My name is Jackie, and I will be your conference operator today.

hello bon good morning my name is jackie and i will be your conference operator today


in terms of the other markets that are adjacent to New York and whether there's other opportunities. So we haven't made any decisions around Independence, and we don't feel compelled to do that. It would have to be

in terms of the other markets that are adjacent to new york and whether there's other opportunities so we haven't made any decisions around independence and we don't feel compelled to do that it would have to be


with about 85% of the market in the hands of our competitors. We see this as a golden opportunity to win new profitable business at a much faster pace.

with about 85% of the market in the hands of our competitors we see this as a golden opportunity to win new profitable business at a much faster pace


The deal pipeline consists of internally and externally generated targets and continues to be quite full. In fact, we are presently looking seriously at a number of acquisition opportunities.

deal pipeline consists of internally and externally generated targets and continues to be quite full in fact we are presently looking seriously at a number of acquisition opportunities


For a number of reasons, we are modifying this approach for fiscal 2020. Changes to plans or activity levels that occur after the beginning of the calendar year by individual customers

for a number of reasons we are modifying this approach for fiscal 2020 changes to plans or activity levels that occur after the beginning of the calendar year by individual customers


as well as the ability to leverage in connection with the transaction, we believe we can efficiently transact within our target size range without raising significant new common equity.

as well as the ability to leverage in connection with the transaction we believe we can efficiently transact within our target size range without raising significant new common equity


Consistent with our goal of being a multiproduct, profitable company, we project 2018 will be our third consecutive year of pro forma operating profitability,

consistent with our goal of being a multiproduct profitable company we project 2018 will be our third consecutive year of pro forma operating profitability


Adjusted EBITDA excludes depreciation, interest income and expense as well as income taxes in addition to the exclusions for adjusted income from continuing operations.

adjusted ebitda excludes depreciation interest income and expense as well as income taxes in addition to the exclusions for adjusted income from continuing operations


the mobile Internet devices as such are not the highest margin products. That's a highly competitive world. So

the mobile internet devices as such are not the highest margin products that's a highly competitive world so


Following the formal portion of the call, we will be pleased to take your question. For your information, this call is being recorded, and a replay will be made available shortly after the call.

following the formal portion of the call we will be pleased to take your questions for your information this call is being recorded and a replay will be made available shortly after the call


In total, we expect sales in the data centers to grow progressively through each quarter in 2018 as we scale analog and laser capacity and ramp our L-PIC solutions.

in total we expect sales into data centers to grow progressively through each quarter in 2018 as we scale analog and laser capacity and ramp our lpic solutions


Scaling our funds will not only drive FRE growth, it also improves our ability to invest in both target investment capabilities and critical growth areas, like Global Credit.

scaling our funds will not only drive fre growth it also improves our ability to invest in both target investment capabilities and critical growth areas like global credit


In April, I believe it was the 7th, we showed it to our employees and we shared it together, and it was a way of encouraging our people to change with speed.

in april i believe it was the 7th we showed it to our employees and we shared it together and it was a way of encouraging our people to change with speed


we have the residual decline that Dave talked about from the standpoint of the handset business that we have to get through and we have this overwhelming downward

we have the residual decline that dave talked about from the standpoint of the handset business that we have to get through and we have this overwhelming downward


revising the study design based on new input and new potential efficacy data, but also to discuss the feasibility of potentially using a human challenge model

revising the study design based on new input and new potential efficacy data but also to discuss the feasibility of potentially using a human challenge model


financial condition and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable,

financial condition and business prospects although such statements are based on our own information and information from other sources we believe to be reliable


Our portfolio, as you can imagine, has matured, and it provides fewer examples or opportunities for that type of

our portfolio as you can imagine has matured and it provides fewer examples or opportunities for that type of


will change? Yes. I mean, when we started the year, we said modest reduction in new equipment and modest growth in product support across the company, and I think

that will change yes we -- i mean when we started the year we said modest reduction in new equipment and modest growth in product support across the company and i think


But is the pricing very different for those kind of contracts because competitors say that it's down for the general market? So even if you had much better margins on

but is the pricing very different for those kind of contracts because competitors say that it's down for the general market so even if you had much better margins


In both these regions, we're very pleased with what we feel is a positive performance on same-store volume, particularly being faced with challenging conditions such as the heavy rainfall on the West Coast

in both these regions we're very pleased with what we feel is a positive performance on same-store volume particularly being faced with challenging conditions such as the heavy rainfall on the west coast


net of those, so I would expect us probably to be showing something around 20%. Going forward with this change, we are going to have very transparent current income tax

net of those i would expect us probably to be showing something around 20 going forward with this change we are going to have very transparent current income tax


and Cable ONE is matching donations made by our associates to support some of those with the greatest need. And now Steven will provide more financial details on our third quarter results.

and cable one is matching donations made by our associates to support some of those with the greatest need and now steven will provide more financial details on our third quarter results


Just as we had explained to the market, current regulations in Colombia in terms of risk-weighting is very severe and thus demands far more capital than required.

just as we had explained to the market current regulations in colombia in terms of risk weighting is very severe and thus demands far more capital than required


as well as from your cost of risk line. Net-net, it becomes exactly the same number you would have had in the past, but rather than having those numbers higher, you ended up netting those.

as well as from your cost of risk line net-net it becomes exactly the same number you would have had in the past but rather than having those numbers higher you ended up netting those


going back to the points made earlier about your improving financial flexibility, I know you gave some sort of guidance around your debt rating capability in the past when we were discussing

going back to the points that were made earlier about your improving financial flexibility i know you gave some sort of guidance around your debt raising capability in the past when we were discussing


Looking at that number alone, you may feel a bit nervous. However, we put more focus on the sell-through number, the actual sales at retail.

looking at that number alone you may feel a bit nervous however we put more focus on the sell-through number the actual sales at retail


In addition, we have several tools, including a partner portal for them to register opportunities, get valuable content, build marketing campaigns, and request our assistance.

in addition we have several tools including a partner portal for them to register opportunities get valuable content build marketing campaigns and request our assist


We continue to streamline key productivity tools, such as Electronic Time Capture, which provide us with important data in order to make better productivity decisions.

we continue to streamline key productivity tools such as electronic time capture which provide us with important data in order to make better productivity decisions


it is important to know that management and the board have never wavered from a commitment to evaluate any and all opportunities to unlock value for our shareholders.


I think that we would -- I think that the answer primarily to growing that is to continue to recruit the right talent and give them the opportunity to kind of build their shop and build their business.

i think that we will -- i think that the answer primarily to growing that is to continue to recruit the right talent and give them the opportunity to kind of build their shop and build their business


data there and we would hope in the second half of this year to be able to have that natural history data to compare to what we're seeing in this study. Jay, Jeff, anything to add?

data there and we would hope in the second half of this year to be able to have that natural history data to compare to what we're seeing in this study jay jeff anything to add


This achievement is one quarter ahead of our internal target as we benefited from continued and further progress in selling price realization and strong cost management during the quarter.

this achievement is 1 quarter ahead of our internal target as we benefited from continued and further progress in selling price realization and strong cost management during the quarter


put on the page the word illustrative. We don't want to speculate at all around where the numbers are going to be set.

puts on the page the word illustrative we don't want to speculate at all around where the numbers are going to be set


and we're going to be very focused on that metric. We've always tracked the metric, obviously, internally and looked at it along with many other metrics as we looked at our business. What I can tell you -- we're not disclosing,

and we're going to be very focused on that metric we've always tracked the metric obviously internally and looked at it along with many other metrics as we looked at our business what i can tell you -- we're not disclosing


Going forward, building on our industry-leading regulatory software, we are looking to expand the platform, targeting a single solution to address clients' global regulatory requirements.

going forward building on our industry-leading regulatory software we are looking to expand the platform targeting a single solution to address clients' global regulatory requirements


what we believe we're seeing, Brandon, is a temporary situation where the cost of that common equity is higher than, at least in our opinion, our judgment, higher than it should be

what we believe we're seeing brandon is a temporary situation where the cost of that common equity is higher than -- at least in our opinion our judgment higher than it should be


our last call, we highlighted some of the advantages of our solutions. But I feel it's important to emphasize again what we believe to be the key competitive edge of our wellsite storage.

on our last call we highlighted some of the advantages of our solutions but i feel it's important to emphasize again what we believe to be the key competitive edge of our wellsite storage


What we know for certain at the moment is that 2 wells have flowed at commercial rates, with good quality oil, and there are multiple reservoirs offering material potential.

what we know for certain at the moment is that 2 wells have flowed at commercial rates with good quality oil and there are multiple reservoirs offering material potential


In the third quarter, Interxion continued this trend of popular growth combined with margin expansion despite some negative foreign currency impacts.

in the third quarter interaction continued this trend of profitable growth combined with margin expansion despite some negative foreign currency impacts


We are anticipating that any benefit we see related to the -- any -- to federal rate increases could be offset by an increase in our deposit costs as a result of increased competition,

we are anticipating that any benefit we see related to the -- to federal rate increases could be offset by an increase in our deposit costs as a result of increased competition


Legacy fluorescent and services revenue accounted for the majority of the remaining revenue and declined by 39% in the first quarter when compared to the year-ago period.

legacy fluorescent and services revenue accounted for the majority of the remaining revenue and declined by 39% in the first quarter when compared to the year-ago period


engineered integrated pumping systems and filtration solutions as well as providing energy absorbing road safety solutions and solutions for expanding the capacity of existing roads and bridges.


to try this out. So we've been patient to that end. But the suppliers now that we're signing up and some of the existing suppliers are interested in driving further adoption. So we're doing some of the things I mentioned, and we think

to try this out so we've been patient to that end but the suppliers now that we're signing up and some of the existing suppliers are interested in driving further adoption so we're doing some of the things i mentioned and we think


Over the course of several months, the board had more than a dozen independent committee meetings plus 7 full board meetings and conducted a thorough evaluation of proposals.

over the course of several months the board had more than a dozen independent committee meetings plus seven full board meetings and conducted a thorough evaluation of proposals


Today, we are committing to a plan, which we expect allows us to achieve the rule of 40 by 2020 with a combination of revenue growth and margin expansion.

today we are committing to a plan which we expect allows us to achieve the rule of 40 by 2020 with a combination of revenue growth and margin expansion


at pretty attractive numbers. But before we actually commit to pull the trigger on those, we want to make sure we have a place to roll the money to so that we can execute the 1031 effectively.

at pretty attractive numbers but before we actually commit to pull the trigger on those we want to make sure we have a place to roll the money to so that we can execute the 1031 effectively


Using proprietary machine learning algorithms to find that proverbial needle in the haystack, that novel protein sequence, from a nearly infinite selection

using proprietary machine learning algorithms to find that proverbial needle in the haystack that novel protein sequence from a nearly infinite selection


And all the while, the back-end data will be far richer, qualitatively, similar to the archive of televised sporting events, as compared to the newspaper accounts that predated televised recordings.

and all the while the back-end data will be far richer qualitatively similar to the archive of televised sporting events as compared to the newspaper accounts that predated televised recordings


On China routes, capturing greater inbound demand among individual travelers pushed the third quarter load factor up by 10 points compared to the previous year.

on china routes capturing greater inbound demand among individual travelers pushed the third quarter load factor up by 10 points compared to the previous year


Utility expenses were down 8%, partially due to the more moderate winter. And group commissions were lower as a result of less group business.

utility expenses were down 8% partially due to the more moderate winter and group commissions were lower as a result of less group business


Thank you very much for your good performance despite the difficult environment. As you mentioned, you mentioned that before you changed the standard, you were preemptive

thank you very much for your good performance despite the difficult environment as you mentioned you mentioned that before you changed the standard you were preemptive


The important takeaway from our commentary today is that we continue to build franchise value through sustained organic growth and opportunistic transactions.

the important takeaway from our commentary today is that we continue to build franchise value through sustained organic growth and opportunistic transactions


at Cedar Rapids and moving them to Kansas City and other locations in our network, where they can be produced more efficiently and effectively to supply that -- those areas.

at cedar rapids and moving them to kansas city and other locations in our network where they can be produced more efficiently and effectively to supply that -- those areas


Our increased sales activities this quarter drove much of the pressure we saw as did continued transition of video from linear to over-the-top services.

our increased sales activities this quarter drove much of the pressure we saw as did continued transition of video from linear to over-the-top services


This economic interest represents an important strategic asset to the company as both an emerging future contributor of growth and an alternative source of funding for our pipeline.

this economic interest represents an important strategic asset to the company as both an emerging future contributor of growth and an alternative source of funding for our pipeline


we want to see this through to the end. If timing of sales is such that there is a sales decline, we are going to -- we may have to slow some things down if we see that uplift

we want to see this through to the end if timing of sales is such that there is a sales decline we are going to -- we may have to slow some things down if we see the uplift


affect the market in China, is not of the same quality, normally, than eucalyptus. A lot of people use eucalyptus because they have new machines

affect the market in china it's not of the same quality normally that eucalyptus a lot of people use eucalyptus because they have new machines


Every brand we acquire, create or bring back to life will have a multi-year, multi-category plan that justifies the investment and guides the team in executing our strategy.

every brand we acquire create or bring back to life will have a multiyear multicategory plan that justifies the investment and guides the team in executing our strategy


by excellent operational execution across all areas of our business and significantly supported by continuing favorable demand environment in the Commercial Trailer Products business, overall.

by excellent operational execution across all areas of our business and significantly supported by a continuing favorable demand environment in the commercial trailer products business overall


The manufacturing operating margin will be driven primarily by infrastructure enhancements in the Microbial Solutions business as well as synergies associated with the Celsis acquisition.

the manufacturing operating margin will be driven primarily by infrastructure enhancements in the microbial solution business as well as synergies associated with the cellsus acquisition


at a very reasonable leverage ratio and that we're very comfortable that we have the capacity to do that while continuing to organically invest


With us having a continued headwind going into 2016, we will continue to be prudent about our approach in that area and go after specific price actions where it makes sense

with us having a continued headwind going into 2016 we will continue to be prudent about our approach in that area and go after specific price actions where it makes sense


over significantly longer time horizon, required significant capital and generated volatile results as compared to its core customer focused market making businesses

over significantly longer time horizons required significant capital and generated volatile results as compared to its core customer-focused market-making businesses


by having one set of firmware and software to control the entire system. And that is what is most exciting to me in the long run. That won't happen overnight, but

by having one set of firmware and software to control the entire system and that is what is most exciting to me in the long run that will happen overnight but


removing concerns about upcoming debt maturities in GNL's capital structure. We are also able to achieve the extension of these debt maturities while keeping our cost of interest relatively flat,

removing concerns about upcoming debt maturities in gnl's capital structure we were also able to achieve the extension of these debt maturities while keeping our cost of interest relatively flat


maybe this holiday season at some point at your Investor Day. Can you talk about how that went? I know you have a commercial out there, but did you pull back on marketing spend because there's just been so much demand and you didn't want to

maybe this holiday season at some point at your investor day can you talk about how that went i know you have a commercial out there but did you pull back on marketing spend because there's just been so much demand and you didn't want to


While there continue to be many challenges in the completion of these projects, several recent changes have provided significantly more clarity on certain options previously under consideration

while there continue to be many challenges in the completion of these projects several recent changes have provided significantly more clarity on certain options previously under consideration


The settlement also, as I said before, prohibits qualification purchases or purchases just for the sake of qualifying to advance in the marketing plan or to reach a certain compensation threshold.

the settlement also as i said before prohibits qualification purchases or purchases just for the sake of qualifying to advance in the marketing plan or to reach a certain compensation threshold


when we can talk about the specific response rate after we have followed all the patients out to -- an appropriate time point when we are confident of their responses, then we can make that decision.

when we can talk about the specific response rate after we have followed all the patients out to an appropriate time point when we are confident of their responses then we can make that decision


Our team is focused and determined to execute on those opportunities as we look ahead to 2017. Now let me hand it over to Marty to walk you through the numbers in more detail.

our team is focused and determined to execute on those opportunities as we look ahead to 2017 now let me hand it over to marty to walk you through the numbers in more detail


According to our information, this initiative should be announced by the spring of this year. It will first be recommendation and after a period of monitoring and analysis, it is expected to become regulation.

according to our information this initiative should be announced by the spring of this year it will first be a recommendation and after a period of monitoring and analysis it is expected to become regulation


Do you think that the pricing strategy has to change to go to more towards performance base to kind of see more technology adoption?

do you think that the pricing strategy has to change to go more towards performance-based to kind of see more technology adoption


We continue to focus on developing and delivering a value-driven client and member experience, with an emphasis on care and quality in the most complex areas of drug therapy.

we continue to focus on developing and delivering a value-driven client and member experience with an emphasis on care and quality in the most complex areas of drug therapy


may be oversold or stuff the channel a little bit before it was sold? How much of the company have you in your short time kind of been able to vet and kind of give a seal of approval to?

maybe oversold or stuffed the channel a little bit before it was sold how much of the company have you in your short time kind of been able to vet and kind of give a seal of approval to


Generation volumes in Texas were roughly flat, while volumes in the East were higher year-over-year due largely to our acquisition of Granite Ridge as well as stronger market conditions driven by summer heat.

generation volumes in texas were roughly flat while volumes in the east were higher year-over-year due largely to our acquisition of granite ridge as well as stronger market conditions driven by summer heat


So typically, third quarters are generally strong quarters for the business, that we don't see any reason for that to be different

so typically third quarters are generally strong quarters for the business that -- we don't see any reason for that to be different


We have continued to profit from the new products and services introduced over the past few years, delivering our third consecutive period of quarterly record revenues,

we have continued to profit from the new products and services introduced over the past few years delivering our third consecutive period of quarterly record revenues


Something over 50% of the total population in the Highlands is now under 20 years of age, and we now need to turn our minds to how we engage with them.

something over 50% of the total population in the highlands is now under 20 years of age and we now need to turn our minds to how we engage with them


And can you quantify the impact of the turnaround in terms of EBIT? We spent, not all of this is running through Q2 earnings. But we spent

and can you quantify the impact of the turnaround in terms of ebit we spent -- not all of this is running through q2 earnings but we spent


you've been growing TEF. And I just want to get a better understanding about the customer profile that you are selling and sub-acquiring. Can you just give me

you've been growing tf and i just want to get a better understanding about the customer profile that you are selling -- have acquiring can you just give me


we still see growth in the traditional trade. And so part of our investment en route to market in areas like Brazil or India as we -- or even China as we think about getting outside the main cities,

we still see growth in the traditional trade and so part of our investment in routes to market in areas like brazil or india as we -- or even china as we think about getting outside the main cities


They all have their own characteristics. And like I said, the 200ER is probably the weak point in the market as far as that generation. And I feel far more optimistic about the rest of the group.

they all have their own characteristics and like i said the 200 er is probably the weak point in the market as far as that generation and i feel far more optimistic about the rest of the group


relatively normal weather year if there's ever one of those left anymore, where kind of warm and wet in the spring, hot and dry in the summer and cool and cold and snowy in the winter.

relatively normal weather year if there's ever one of those left anymore where kind of warm and wet in the spring hot and dry in the summer and cool and cold and snowy in the winter


The outer circle represents high visibility line of sight to future projects and is filled with signed MOUs and LOIs related to future projects and phases.

the outer circle represents high visibility line of sight to future projects and is filled with signed mous and lois related to future projects and phases


pull-through. I do think that the organizational change that we made recently about literally pulling these businesses together from an operational point of view to having a more holistic sell-in process,

pull through i do think that the organizational change that we made recently about literally pulling these businesses together from an operational point of view having a more holistic sell-in process


adjusted EBITDA for the first quarter was lower than what we originally expected, while cash capital expenditures came in higher for the first quarter than we anticipated.

adjusted ebitda for the first quarter was lower than what we originally expected while cash capital expenditures came in higher for the first quarter than we anticipated


Additionally, the agreement will provide better certainty in the NGL differentials, and when combined with our strong hedge book, will give Rex more protection and stability of our quarterly cash flows.

additionally the agreement will provide better certainty in the ngl differentials and when combined with our strong hedge book will give rex more protection and stability of our quarterly cash flows


We have always deliberately not set out a definitive range for leverage. We have said consistently for years

we have always deliberately not set out a definitive range for leverage we have said consistently for years


And if we were to do the Math of this expense, by the multiple of EBITDA, we would see that there is a discount as well.

and if we were to do the math of this expense by the multiple ebitda we would see that there is a discount as well


We began the year with positive momentum, generated by solid growth in the second half of 2014. Our underlying business fundamentals are very strong due to the improvements we've made over the last several years,

we began the year with positive momentum generated by solid growth in the second half of 2014 our underlying business fundamentals are very strong due to the improvements we've made over the last several years


They are either RFPs where there has been an announced search or they are institutional referrals, where we have

they are either rfps where there has been an announced search or they are institutional referrals where we have


should conditions merit, but will allow us to show incremental improvements in the profitability of our alumina business over the next several quarters.

should conditions merit but will allow us to show incremental improvements in the profitability of our alumina business over the next several quarters


Each of these categories are providing net savings ranging between 5% and 8%. We've been actively staffing the procurement organization, and we are now at 80% of our expected staffing levels.

each of these categories are providing net savings ranging between 5% and 8% we've been actively staffing the procurement organization and we are now at 80% of our expected staffing levels


will help us. And then as we roll out the final solution set, those individual links to that middle ware, if you will, just go away, and they're seamless. So I think the approach we've taken

will help us and then as we roll out the final solution set those individual links to that middleware if you will just go away and they're seamless so i think the approach we've taken


like they should be accelerators for our business, but it's difficult to predict when they're going to be ready. And so as a result, our revenue visibility is really more in the near term. And so that's why we shared some thoughts with you as it relates to the first quarter on the underlying drivers of the business.

like they should be accelerators for our business but it's difficult to predict when they're going to be ready and so as a result our revenue visibility is really more in the near term and so that's why we shared some thoughts with you as it relates to the first quarter on the underlying drivers of the business


And due to low strip ratio, very favorable metallurgy and the availability of ample low-cost power, the operating costs are low and project returns are favorable.

and due to low strip ratio very favorable metallurgy and the availability of ample low-cost power the operating costs are low and project returns are favorable


If you multiply relative to the estimated '19 realized price, doesn't seem like too much of a change. But can you elaborate a little bit on some of the puts and takes going on there, might it be slightly lower across all the regions?

if you multiply relative to the estimated '19 realized price doesn't seem like too much of a change but can you elaborate a little bit on some of the puts and takes going on there might be slightly lower across all the regions


that will enable us to provide a higher level of value-added processing to our customers as their volumes increase, which can easily be absorbed in our existing cost structure.

that will enable us to provide a higher level of value-added processing to our customers as their volumes increase which can easily be absorbed in our existing cost structure


Turning to Slide 5, I do want to spend a minute highlighting our new York YZ centrifugal chiller, which was launched in early January.

turning to slide 5 i do want to spend a minute highlighting our new york yz centrifugal chiller which was launched in early january


In addition, we continue to make significant progress with our new product introductions and channel initiatives as reflected in the vitality index improvement mentioned by Dave earlier.

in addition we continue to make significant progress with our new product introductions and channel initiatives as reflected in the vitality index improvement mentioned by dave earlier


Hurricane Harvey also disrupted the company's wholesale logistics as the temporary shutdown of railway shipping through Houston impacted shipments from the Company's upholstery plant in Mexico

hurricane harvey also disrupted the company's wholesale logistics as the temporary shutdown of railway shipping through houston impacted shipments from the company's upholstery plant in mexico


This need for technology extends beyond farming operations to elements of infrastructure, logistics and processing, and will result in a need for solutions from all 4 Trimble segments.

this need for technology extends beyond farming operations to elements of infrastructure logistics and processing and will result in a need for solutions from all 4 trimble segments


classified and nonperforming asset balances increased slightly but remain low compared to historical norms and were flat or declined as a percent of assets.

classified and nonperforming asset balances increased slightly but remained low compared to historical norms and were flat or declined as a percent of assets


the customers arrived in great numbers and are bidding fiercely to acquire these goods and hence, the prices have remained strong.

the customers arrived in great numbers and are bidding fiercely to acquire these goods and hence the prices have remained strong


the product that we already have approved, every step of that procedure, they are currently doing in other procedures. For example, for epi-off, they're already familiar with

the product that we already have approved every step of that procedure they are currently doing in other procedures for example for epi-off they are already familiar with


My understanding is that obtaining robust data was important consideration for the study design, such as how long it takes for a patient to climb up certain number of steps.

my understanding is that obtaining robust data was important consideration for the study design such as how long it takes for a patient to climb up certain number of steps


as a function of the quality of engineering because it allows us to value price. And one of my observations about this company is

as a function of the quality of engineering because it allows us to value price and one of my observations about this company is


In this quarter, Annaly was once again one of the only mortgage REITs to earn its declared dividend with normalized core earnings while keeping book value basically flat to date.

in this quarter annaly was once again one of the only mortgage reits to earn its declared dividend with normalized core earnings while keeping book value basically flat to date


And your rent spreads on renewals have been fairly strong for a while now. So I assume that speaks to not only anchors, but also some of the CRU tenants around them as well? A

and your rent spreads on renewals have been fairly strong for a while now so i assume that speaks to not only anchors but also some of the cru tenants around them as well


In addition, we are investing in the future to allow us to continue to deliver and grow sustainable free cash flow for years to come.

in addition we are investing in the future to allow us to continue to deliver and grow sustainable free cash flow for years to come


And so we are working with that provider to try and get that provider to map their billing system to BEACON, but that provider doesn't have a lot of resources to work with us.

and so we are working with that provider to try and get that provider to map their billing system to beacon but that provider doesn't have a lot of resources to work with us


The new management team has significant confidence with this knowledge and is using that to make decisive and bold moves to optimize our store fleet for both growth and profitability.

the new management team has significant confidence with this knowledge and is using that to make decisive and bold moves to optimize our store fleet for both growth and profitability


and they included improvements to capital, labor and planning efficiencies. In the third quarter, a number of these initiatives were delivered at Turquoise Ridge.

and they included improvements to capital labor and planning efficiencies in the third quarter a number of these initiatives were delivered at turquoise ridge


If anything, in each of the areas, I think we're finding that we were maybe a bit conservative. For example, test send-outs, I think that's a little bit better than we thought,

if anything in each of the areas i think we're finding that we were maybe a bit conservative for example test send-outs i think that's a little bit better than we thought


which historically have been very heavy during Q4. Even though our full year expenses are moving up modestly, our operating margin for the year will be higher by 1 percentage point versus our previous target.

which historically have been very heavy during q4 even though our full year expenses are moving up modestly our operating margin for the year will be higher by 1 percentage point versus our previous target


But furthermore, we are working closely with additional OEMs to expand our reach in clean, track and other wet processes and to further increase our market share.

but furthermore we are working closely with additional oems to expand our reach in clean track and other wet processes and to further increase our market share


at that point, both Cal-Weld and Talon were relatively new, and I didn't want people to think that the core business was just flat and they are the ones doing all the growing. So I did make that

at that point both calweld and talon were relatively new and i didn't want people to think that the core business was just flat and they're the ones doing all the growing so i did make that


While insurance receipts were a significant driver of the quarterly performance, we also continued to see solid working capital management contributing to higher levels of cash flow.

while insurance receipts were a significant driver of the quarterly performance we also continued to see solid working capital management contributing to higher levels of cash flow


And what we hope to do is to achieve all of these goals and demonstrate, as we have historically, that we're pretty good at setting goals and achieving them. So what's the year look like?

and what we hope to do is to achieve all of these goals and demonstrate as we have historically that we're pretty good at setting goals and achieving them so what's the year look like


has gotten a bit healthier. We don't add many new accounts in the thing, but their room nights are up some and there was a while there a year ago where they were actually soft,

has gotten a bit healthier we don't add many new accounts in the thing but their room nights are up some and there was a while there a year ago where they were actually soft


What we don't have clear visibility on is when the individuals holding these securities will decide to exercise, but we do expect they will occur in 2018. Let's move on to the capital.

what we don't have clear visibility on is when the individuals holding these securities will decide to exercise but we do expect they will occur in 2018 let's move on to capital


Before I cover the highlights for 2018, I am pleased to report that today we announced a series of planned capital actions that we intend to execute this year.

before i cover the highlights for 2018 i am pleased to report that today we announced a series of planned capital actions that we intend to execute this year


to position the company to play a larger and more valuable role in the AI big data era. Now Dan will give his perspective on our performance and outlook.

to position the company to play a larger and more valuable role in the ai big data era now dan will give his perspective on our performance and outlook


significantly over the last few years to make sure that Aeroplan is the leading market proposition in terms of value, flexibility, et cetera, and it will continue to be.

significantly over the last few years to make sure that aeroplan is the leading market proposition in terms of value flexibility et cetera and it will continue to be


These processes have been led in all cases by refreshed and extended research into our catchments and demographics and through engagement with our targeted shoppers through focus groups,

these processes have been led in all cases by refreshed and extended research into our catchments and demographics and through engagement with our targeted shoppers through focus groups


with both schemes seeing significant and sustained positive footfall growth from the moment those facilities were launched. The positive shift in performance continues to be the case to this day.

with both schemes seeing significant and sustained positive footfall growth from the moment those facilities were launched the positive shift in performance continues to be the case to this day


our core business is underpinned by strong demographic and macroeconomic trends in the multifamily market that should continue to drive demand for many years to come.


On AG side, I think you need to be careful not to model in that fourth quarter margin that you saw last year, which is heavily influenced by the fact

on the ag side i think you need to be careful and not model in that fourth quarter margin that you saw last year which is heavily influenced by the fact


The 8 transactions that we have closed since June 1 are strong evidence of our improved ability to execute and our commitment to the strategic objective of high-grading the portfolio.

the 8 transactions that we have closed since june 1 are strong evidence of our improved ability to execute and our commitment to the strategic objective of high-grading the portfolio


We will certainly continue to provide well results and updates as we complete more wells and are able to demonstrate how prolific our Northern Delaware acreage is in Loving County.

we will certainly continue to provide well results and updates as we complete more wells and are able to demonstrate how prolific our northern delaware acreage is in loving county


You said that your best estimate is that this provision will be sufficient. So my question is when will this be checked,

you said that your best estimate is that this provision will be sufficient so my question is when will this be checked


Turning to Slide 5. Let me now take a few minutes to talk a little bit more about MBS. As one of the largest used book wholesalers and largest

turning to slide 5 let me now take a few minutes to talk a little bit more about mbs as one of the largest used book wholesalers and largest


and considerable effort to minimize future volatility where possible across each of our businesses. We are attempting to provide our investors and analysts as well as the entire market with the best information we have available.

and we have spent considerable effort to minimize future volatility where possible across each of our businesses we are attempting to provide our investors and analysts as well as the entire market with the best information we have available


about their experience with ENTYCE. So we believe that our enthusiasm for ENTYCE is shared by veterinarians and pet owners. And the primary quantitative metric by which we are measuring interest

about their experience with entyce so we believe that our enthusiasm for entyce is shared by veterinarians and pet owners and the primary quantitative metric by which we are measuring interest


that at least there's some degree of clarity on this comment, which is we still expect to see operating leverage improvements next year, even with this additional technology spend.

that at least there's some degree of clarity on this comment which is we still expect to see operating leverage improvements next year even with this additional technology spend


so far we are not seeing any material change in competitive conditions or market rates or anything that would cause us to think our modeling assumptions aren't appropriately conservative.


a little over 4%. We believe this is, in part, the result of the improved efficiency from our enhanced routing and scheduling through the Virtual Route Management system.

a little over 4% we believe this is in part the result of the improved efficiency from our enhanced routing and scheduling through the virtual route management system


provide us with an invoice number and an invoice amount to kind of authenticate themselves that they can get invoices or they are getting invoices from the supplier and then sign up to start working on ARC. So that's one example.

provide us with an invoice number and an invoice amount to kind of authenticate themselves that they can get invoices or they are getting invoices from the supplier and then sign up to start working on arc so that's one example


As a result, we expect the annual improvement in sales and marketing as a percent of revenue to be even greater next year than it's been over the last 2 years.

as a result we expect the annual improvement in sales and marketing as a percent of revenue to be even greater next year than it's been over the last 2 years


Third, the shift away from certain delivery services allows us to move away from our least profitable business line to more profitable business.

third the shift away from certain delivery services allows us to move away from our least profitable business line to more profitable business


factored into our business plans and something that is really top of mind for us to make sure that we can continue to deliver the experience that we need to for our guests.

that's factored into our business plans and something that is really top of mind for us to make sure that we can continue to deliver the experience that we need to for our guests


Our results reflect robust demand at our lodging properties across each of our geographies. During the third fiscal quarter, we terminated the management agreement with respect to the Half Moon Resort in Jamaica,

our results reflect robust demand at our lodging properties across each of our geographies during the third fiscal quarter we terminated the management agreement with respect to the half moon resort in jamaica


We expect our cash conversion cycle to show improvement in Q4, similar to last year as we further bring down inventory levels following strategic positioning of key commodities in prior quarters.

we expect our cash conversion cycle to show improvement in q4 similar to last year as we further bring down inventory levels following strategic positioning of key commodities in prior quarters


Although adjusted fourth quarter 2015 results were not positive, we did make steady progress on our recovery from the lows after the SEC settlement last summer and we closed the sale of energy research,

although adjusted fourth quarter 2015 results were not positive we did make steady progress in our recovery from the lows after the sec settlement last summer and we closed the sale of energy research


and we're comfortable with it right now. But we have flexibility. I mean, we -- our capacity plan is made up of new deliveries plus retirement of older ceo airplanes.

and we're comfortable with it right now but we have flexibility i mean we -- our capacity plan is made up of new deliveries plus retirement of older co airplanes


We, also with California, the facilities they vacated like North Fork and like Red Rock in Arizona, we have found alternative customers that we think are longer-term solutions for those facilities.

we also with california the facilities they vacated like north fork and like red rock in arizona we have found alternative customers that we think are longer-term solutions for those facilities


It is not just a cost-cutting exercise. Working with our outside consultants, we have already identified significant savings opportunities in areas such as improving spans and layers within our organization.

it is not just a cost-cutting exercise working with our outside consultants we have already identified significant savings opportunities in areas such as improving spans and layers within our organization


Have you seen any changes? Are you still able to attract and retain people? And do you think there'll be any impact on wages? Just give us a quick update on the environment in the Philippines.

have you seen any changes are you still able to attract and retain people do you think there'll be any impact on wages just give us a quick update on the environment in the fill teams


It is our goal to accommodate all of these options into a process driven by whatever the best service options are from the perspective of the buyer.

it is our goal to accommodate all of these options into a process driven by whatever the best service options are from the perspective of the buyer


would it be right to say that as you roll forward into '18, in fact, the opposite applies because of the contract cycle, it becomes important for you to show that the plant can operate on a consistent basis?

would it be right to say that as you roll forward into '18 in fact the opposite applies because of the contract cycle it becomes important for you to show that the plant can operate on a consistent basis


distribution of the control to the factory floor was something that we could see coming almost 5 or 6 years ago. So we were preparing the products for it.

distribution of the control to the factory floor was something that we could see coming almost 5 or 6 years ago so we were preparing the products for it


That said, there continues to be some discussion in the marketplace that if we were to see a change, any such change would occur prior to the election in November.

that said there continues to be some discussion in the marketplace that if we were to see a change any such change would occur prior to the election in november


our broad specialty portfolio continues to perform well and grow. And the Pakistan economy continues to expand, benefiting both our core and specialty volumes.

our broad specialty portfolio continues to perform well and grow and the pakistan economy continues to expand benefiting both our core and specialty volumes


fourth, services provided to our largest customer have met or exceeded our revised expectations following the change in scope of services we announced in April

fourth the services provided to our largest customer have met or exceeded our revised expectations following the change in scope of services we announced in april


we are seeing that value pricing is very important to the consumers there. And one of the things that's been a big focus of ours as we have implemented our supply chain reinvention

we are seeing that value pricing is very important to the consumers there and one of the things that's been a big focus of ours as we have implemented our supply chain reinvention


We continue to be active in pursuing new distributed gaming jurisdictions as well as potential legislative changes in existing ones to improve the operating environment for this business.

we continue to be active in pursuing new distributed gaming jurisdictions as well as potential legislative changes in existing ones to improve the operating environment for this business


The Martha Stewart's storefront on Amazon.com continues to provide a terrific opportunity to showcase some of the brand's categories to Amazon customers.

the martha stewart storefront on amazon com continues to provide a terrific opportunity to showcase some of the brand's categories to amazon customers


The CTP team remains very excited about the entry into the truck body market in order to take advantage of future growth in the final mile and home delivery space. Truck body

the ctp team remains very excited about the entry into the truck body market in order to take advantage of future growth in the final mile and home delivery space truck body


We will also continue with our very successful productivity and efficiency initiatives, which have enabled us to enhance our operations and increase the value that we provide to clients,

we will also continue with our very successful productivity and efficiency initiatives which have enabled us to enhance our operations and increase the value that we provide to clients


and how, in turn, this has impacted our balance sheet, income statement, and assets under management to help you interpret our financial results as a consequence of the operating environment.

and how in turn this has impacted our balance sheet income statement and assets under management to help you interpret our financial results as a consequence of the operating environment


this may well be kind of a one step backwards so we can take 2 steps forward in getting the realization of some of the strategic benefits of the line-haul

this may well be kind of a one step backwards so we can take 2 steps forward in getting the realization of some of the strategic benefits of the line haul


We will also discuss the results of our core businesses separately from the results of the South African projects. And with that, let's discuss our Q3 results.

we will also discuss the results of our core businesses separately from the results of the south african projects and with that let's discuss our q3 results


increasing the free cash flow going forward by a material amount. We've kind of stayed away from giving free cash this year because we've got so many moving parts, and we're still not done

increasing the free cash flow going forward by a material amount we've kind of stayed away from giving free cash this year because we've got so many moving parts and we're still not done


It's important to note that we are committed to driving a more efficient business. For instance, we are focusing on direct operating savings by having multiple channels collect and sell devices.

important to note that we are committed to driving a more efficient business for instance we are focusing on direct operating savings by having multiple channels collect and sell devices


We believe that what counts in the long term is the increase in per share value of our stock, not the size of our company or growth rate.

we believe that what counts in the long term is the increase in per share value of our stock not the size of our company or growth rate


Remember that ASO contracts tend to be higher margin as transportation costs are paid directly by the client and do not essentially flow through our revenue line as is the case for our other contracts.

remember that aso contracts tend to be higher margin as transportation costs are paid directly by the client and do not essentially flow through our revenue line as is the case for our other contracts


We have been working with our operators to test more aggressive rate strategy, but our strategy didn't work this quarter. We lost share and had to ultimately give up both rate and occupancy to catch up.

we have been working with our operators to test more aggressive rate strategy but our strategy didn't work this quarter we lost share and had to ultimately give up both rate and occupancy to catch up


If I could turn to the quick-return projects which we mentioned previously, we've been evaluating multiple organic investment projects across our broad operating platform.

if i could turn to the quick return projects which we mentioned previously we've been evaluating multiple organic investment projects across our broad operating platform


Obviously, utilization has to continue to stay on the same path. No reason to expect that, that won't. But those are the really the bigger drivers

obviously utilization has to continue to stay on the same path no reason to expect that that won't but those are the really the bigger drivers


We have been experimenting with larger completions in some of the Codells. We've been really trying to strategically locate those, so we have a good control on the tests that we're doing.

we have been experimenting with larger completions in some of the codels we've been really trying to strategically locate those so we have a good control on the tests that we're doing


fall off of that list for some reason, there are other opportunities behind it that we would use to backfill, but generally, the competitive dynamic is pretty similar to what it has been.

fall off of that list for some reason there are other opportunities behind it that we would use to backfill but generally the competitive dynamic is pretty similar to what it has been


and just reiterate a couple of our key messages that we have been working extremely hard over the last 18 months to really make sure that we have the right


Both Dawn and Kirk have extensive experience at consumer goods companies, and we look forward to the valuable insights and contributions they will bring to our board.

both don and kirk have extensive experience at consumer goods companies and we look forward to the valuable insights and contributions they will bring to our board


We believe our specialty healthcare products, including radiology benefits, cardiac and musculoskeletal management will expand through continued strong sales to new and existing customers.

we believe our specialty healthcare products including radiology benefits cardiac and musculoskeletal management will expand through continued strong sales to new and existing customers


We've also allocated a significant portion of our annual capital investment budget to additional productivity improvement initiatives that will permanently reduce our manufacturing cost.

we've also allocated a significant portion of our annual capital investment budget to additional productivity improvement initiatives that will permanently reduce our manufacturing cost


with people's career and growth aspirations and to ensure we have the right skills to transform our clients' businesses in this age of disruption.


work, the technical work that we're doing with our customers right now, is really focused on helping them create higher value resins, so that they're making more money. And that's our basic business model.

work the technical work that we're doing with our customers right now is really focused on helping them create higher value resins so that they're making more money and that's our basic business model


Before we begin our remarks, I need to remind you that in this call, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance

before we begin our remarks i need to remind you that in this call we will make forward-looking statements regarding our current beliefs plans and expectations which are not guarantees of future performance


past the summer, it's hard to imagine that the current cost pressures could sustain a whole lot longer before manufacturers have to move much more significantly. If that's the case,

past the summer it's hard to imagine that the current cost pressures could sustain a whole lot longer before manufacturers have to move much more significantly if that's the case


What it does, I will describe on the next slide, but essentially, we are partially funding the development on a demonstrator and the cost of clinical studies.

what it does i will describe on the next slide but essentially we are partially funding the development on a demonstrator and the cost of clinical studies


So could you just explain how you feel -- you felt about the market across the second quarter and now, in a higher interest rate environment,

so could you just explain how you feel -- you felt about the market across the second quarter and now in a higher interest rate environment


total platform sales haven't been a growth driver. I'm trying to reconcile that with the fact that, obviously, vending was still a significant driver

total platform sales haven't been a growth driver i'm trying to reconcile that with the fact that obviously vending was still a significant driver


Spread tightened on these assets throughout the quarter. We have been a steady investor in this product sector for the past 7 years as this strategy has consistently provided excellent return opportunities.

spreads tighten on these assets throughout the quarter we have been a steady investor in this product sector for the past 7 years and this strategy has consistently provided excellent return opportunities


You provided great commentary in terms of the progression of demand in the fourth quarter, but any thoughts in terms of demand in January? And then, if that's having an impact out west. I think there's been some weather out west?

you provided great commentary in terms of the progression of demand in fourth quarter but any thoughts in terms of demand in january and then if that's having an impact out west i think there's been some weather out west


Second, as a result of the reorganization, a few significant customers moved between markets. Most significantly, the repair center customers are now managed and reported in the retail market

second as a result of the reorganization a few significant customers moved between markets most significantly the repair center customers are now managed and reported in the retail market


the DOL rule, either as we understand it today or the discussions of what it might be, that put us at a competitive disadvantage, such that people would leave our company to go to another company.

the dol rule either as we understand it today or the discussions of what it might be that put us at a competitive disadvantage such that people would leave our company to go to another company


clients and shareholders. I believe this is an environment where Julius Baer is once again perfectly positioned to take advantage of what ought to be challenging on one side,

clients and shareholders i believe this is an environment where julius baer is once again perfectly positioned to take advantage of what ought to be challenging on one side


This industry incumbency derives significant revenue from the recycling and refining of PGMs. PGMs also happen to be one of the largest cost inputs for automotive catalysts.

this industry incumbency derives significant revenue from the recycling and refining of pgms pgms also happen to be one of the largest cost inputs for automotive catalysts


even 1 lost time incident is too many and serves as a reminder that we must continue to improve our safety focus and culture to reach our goal of nobody, nobody getting hurt.

even one lost time incident is too many and serves as a reminder that we must continue to improve our safety focus and culture to reach our goal of nobody nobody getting hurt


successfully. I think on this one that you're mentioning now, too, it's a prospect -- I don't want to mention the name, but it's a prospect that we've been developing with the client on an exclusive basis.

successfully i think on this one that you're mentioning now too it's a prospect i don't want to mention the name but it's a prospect that we've been developing with the client on an exclusive basis


After our external assessment of our senior leaders in the first half of 2018, we quickly developed and implemented our internal talent review and succession planning programs.

after our external assessment of our senior leaders in the first half of 2018 we quickly developed and implemented our internal talent review and succession planning programs


These and other risks, uncertainties and factors, including those discussed under the heading Risk Factors in our annual report on Form 10-K and other reports that we file

these and other risks uncertainties and factors including those discussed under the heading risk factors in our annual report on form 10-k and other reports that we file


product that has more value with price with the ability to continue to add, as Burton said, selective sales teams into the verticals where

product that has more value with price with the ability to continue to add as burton said selective sales teams into the verticals where


And the other thing I would also point out would be that our unconsolidated Hitachi joint ventures in China also saw strong double-digit growth in the quarter.

and the other thing i would also point out would be that our unconsolidated hitachi joint ventures in china also saw strong double-digit growth in the quarter


the progress we are making with the many other drugs in our pipeline. We look forward to continuing to create great value for patients and shareholders by advancing our broad and innovative pipeline.

and the progress we are making with the many other drugs in our pipeline we look forward to continuing to create great value for patients and shareholders by advancing our broad and innovative pipeline


We have updated our outlook on net CapEx for the project and overall, which is shown on the chart and is included with some additional detail and a review of operations in the financial report.

we have updated our outlook on net capex for the project and overall which is shown on the chart and is included with some additional detail in the review of operations in the financial report


Markets performed as expected and we achieved a high level of contribution from all -- from our new product introduction and channel led initiatives.

markets performed as expected and we achieved a high level of contribution from our new product introduction and channel-led initiatives


we remain on track for what we believe will be another record year for ISG. With that, let me turn the call over to David Berger, who will summarize our financial results.

we remain on track for what we believe will be another record year for isg with that let me turn the call over to david berger who will summarize our financial results


Now this is something we also have to look at as we look at the overall situation for basic chemicals within the region because it also has an impact

now this is something we also have to look at as we look at the overall situation for basic chemicals within the region because it also has an impact


Okay. And I guess along a similar line, as you think about optimizing your supply chain and increasing ROIC, how do you balance those objectives against the potential for

okay and i guess along a similar line as you think about optimizing your supply chain and increasing roic how do you balance those objectives against the potential for


is putting challenge on the performance of Seara. We believe that the worst just got behind us in the end of this third quarter,

is putting challenge on the performance of seara we believe that the worst just got behind us in the end of this third quarter


dividend was to do exactly that, to put us all in a stronger position in the marketplace to take advantage of opportunities. So I think it will continue to consolidate the

and dividend was to do exactly that to put ourselves in a stronger position in the marketplace to take advantage of opportunities so i think it will continue to consolidate the


for Australasia, flattish for U.S. And as we mentioned with kind of a loss of leverage for Europe, that's where we really saw the pressure in our Automotive margins.

for australasia flattish for u s and as we mentioned with kind of a loss of leverage for europe that's where we really saw the pressure in our automotive margins


Sometimes, that development process is not very transparent, and we've obviously got to make sure that we and our partners are navigating that in a way which meets our standards. And so sometimes, that takes

sometimes that development process is not very transparent and we've obviously got to make sure that we and our partners are navigating that in a way which meets our standards and so sometimes that takes


the merger took place. Let me give you just a few examples of the progress. The first 3 levels of the organization have been integrated into one management team that is fully focused

the merger took place let me give you just a few examples of the progress the first 3 levels of the organization have been integrated into one management team that is fully focused


Our teams have done an excellent job integrating the basics of payroll, benefits, accounts payable, e-mail, security and countless other areas typically taken for granted.

our teams have done an excellent job integrating the basics of payroll benefits accounts payable e-mail security and countless other areas typically taken for granted


Turkey and the Commonwealth of Independent States, including Russia, were returned to us by Sanofi. To avoid adverse impacts to the regulatory approval applications in process,

turkey and the commonwealth of independent states including russia will return to us by sanofi to avoid adverse impacts to the regulatory approval applications in process


And then I think the last thing I would -- or 2 other things. We're continuing to still recruit very well on the mortgage side. So we're continuing to add originators. And then the last piece,

and then i think the last thing i would -- or 2 other things we're continuing to still recruit very well on the mortgage side so we're continuing to add originators and then the last piece


Okay. That's helpful. And then can you provide some added detail on what specifically drove the volume shortfall for the Protective segment? And then what are your expectations for the segment throughout the remainder of the year?

okay that's helpful and then can you provide some added detail on what specifically drove the volume shortfall for the protective segment and what are your expectations for the segment throughout the remainder of the year


We see this challenge as an opportunity. We've been focused on gaining new thermoforming and flexible packaging capability to serve the growing consumer demand for products on the perimeter of the store.

we see this challenge as an opportunity we've been focused on gaining new thermoforming and flexible packaging capabilities to serve the growing consumer demand for products on the perimeter of the store


As you heard Dave say earlier, based on what we now know about the upcoming competitive races, some of our largest markets and strongest stations will see significant funding for the general election in November.

as you heard dave say earlier based on what we now know about the upcoming competitive races some of our largest markets and strongest stations will see significant spending for the general election in november


And I would like to ask you if you could maybe quantify the overall input cost headwinds for maybe for the group and also for the segments. I mean,

and i would like to ask you if you could maybe quantify the overall input cost headwinds for -- maybe for the group and also for the segments i mean


which we believe is a healthier option than what's currently in the market. This innovative coffee drink contains 15 grams of protein, only 2 grams of sugar and 80 milligrams of caffeine.

which we believe is a healthier option than what's currently in the market this innovative coffee drink contains 15 grams of protein only 2 grams of sugar and 80 milligrams of caffeine


to reposition our shopping centers, which is really around their positioning within the communities and their retail mix, the customer propositions we call it, and then to refocus on management team around this initiative.

to reposition our shopping centers which is really around their positioning within the communities and their retail mix their customer proposition as we call it and then to refocus our management team around this initiative


Our pipeline of acquisition candidates remain strong, and we have adequate liquidity to act on any opportunities and investments that meet our stated strategic criteria.

our pipeline of acquisition candidates remains strong and we have adequate liquidity to act on any opportunities and investments that meet our stated strategic criteria


So I -- we don't -- I -- we may be ahead of the cycle in terms of the introduction of Tier 3 and electronic transmissions already. So I don't expect

so we don't -- we may be ahead of the cycle in terms of the introduction of tier 3 and electronic transmissions already so i don't expect


When we look at our overall utilization at the end of the first quarter and going into the second quarter, we're going to be at about 60% utilization and really pleased to see that number for a change.

when we look at our overall utilization at the end of the first quarter and going into the second quarter we're going to be at about 60% utilization and really pleased to see that number for a change


We did have a number of spreads that work for customers who source their own sand. We have also spreads that work for customers

we do have a number of spreads that work for customers who source their own sand we have also spreads that work for customers


We expect key long-term trends to continue to be supportive with time of use rates and demand charges becoming more widespread across the utility landscape

we expect key long-term trends to continue to be supported with time-of-use rates and demand charges becoming more widespread across the utility landscape


that see more value in them than us and they're not critical to our mission, we would contemplate divestiture, assuming that we could take those proceeds and apply them to the areas that I talked about in the beginning here.

that see more value in them than us and they're not critical to our mission we would contemplate divestiture assuming that we could take those proceeds and apply them to the areas that i talked about in the beginning here


And they don't result in increased top line, but they prevent major accidents from happening. That's the whole hope. We keep making those investments because that's the nature of the business.

and they don't result in increased top line but they prevent major accidents from happening that's the whole hope we keep making those investments because that's the nature of the business


Our stores are tailored to provide our customers with a convenient shopping experience and our crew members are trained to be friendly, highly accessible and well informed about the nutritional value

our stores are tailored to provide our customers with a convenient shopping experience and our crew members are trained to be friendly highly accessible and well informed about the nutritional value


We've often heard about the fact that Europe is not so strong and that the emerging markets bring all the new profitability. If you look at our experience, this is not true.

we've often heard about the fact that europe is not so strong and that the emerging markets bring all the new profitability if you look at our experience this is not true


which is a training center in which we hire apprentices and then train them and train some of them up to the meister level. We do that in collaboration with

which is a training center in which we hire apprentices and then train them and train some of them up to the meister level we do that in collaboration with the